Yes, it's possible, however, this must be done by the current Team Captain or by someone with Admin permissions. 

Once you're logged in to your Race Space account, just click the 'My Teams' tab and select 'View Team'. 

Once you've done this, click the 'Manage Team' tab to find the list of members in your team. 

You can change the permissions by clicking on the 'View' button next to the person you'd like to select as Team Captain.